The equity benchmarks traded higher on Thursday, November 12, supported by buying in financial services, real estate and consumer durable stocks. The positive movement came as investors tracked foreign institutional investor (FII) activity, global market trends, crude oil prices and the ongoing September-quarter earnings season.
The BSE Sensex gained around 200 points, or 0.25%, to trade near 82,080 during the morning session. The NSE Nifty 50 advanced approximately 49 points, or 0.19%, to around 25,304. Both indices had moved higher earlier in the session, with the Sensex crossing 82,200 and the Nifty moving above 25,350.
The gains followed a period of improved sentiment in the domestic market, although investors remained selective in their stock purchases. While financial and realty shares supported the benchmarks, selling pressure in information technology, automobile and oil and gas stocks limited the overall advance.
Market participants also remained watchful of global developments and corporate earnings for indications about the sustainability of the ongoing recovery.
The broader market performed relatively well, with midcap and smallcap shares recording stronger gains than the frontline indices. The Nifty Midcap index advanced around 0.94%, while the Nifty Smallcap index gained approximately 1.24%. The positive market breadth indicated that buying interest extended beyond heavyweight stocks.
Financial services stocks were among the leading contributors to Thursday’s market gains. HDFC Life Insurance emerged as one of the top Nifty 50 gainers, rising approximately 3.62% to ₹594.30.
Bajaj Finance advanced 2.89% to ₹1,110, while Shriram Finance gained 2.87% to ₹997. Bajaj Finserv also witnessed strong buying interest, climbing 2.79% to ₹1,896.50. SBI Life Insurance moved higher by 2.56% to ₹1,812.20, reflecting positive sentiment towards insurance and financial services companies.
State Bank of India was another notable banking stock trading in positive territory, gaining around 1.5%.
However, several heavyweight stocks came under pressure. Oil and Natural Gas Corporation (ONGC) was among the biggest Nifty 50 losers, declining approximately 3.79% to ₹225.91. Hindustan Unilever fell 2.05% to ₹1,981, while Mahindra and Mahindra slipped 1.47% to ₹3,414.10.
Technology stocks also witnessed selling, with Tata Consultancy Services (TCS) declining around 1.1%. Apollo Hospitals and Nestle India were among the other stocks trading lower.
In the broader market, Kalyan Jewellers gained more than 7% during morning trade. Motilal Oswal Financial Services, Aditya Birla Capital, Oberoi Realty and Godrej Industries also recorded notable advances.
Sectoral performance remained mixed, with real estate emerging as one of the strongest performers. The Nifty Realty index gained approximately 3.4%, supported by buying in companies such as Oberoi Realty, Brigade Enterprises and The Phoenix Mills.
The Nifty Consumer Durables index advanced around 1.18%, while financial services and media indices gained approximately 1.11% and 1.09%, respectively.
On the other hand, the Nifty IT index declined around 0.62%, while the automobile index slipped 0.69%. Pharmaceutical, healthcare and oil and gas stocks also witnessed weakness.
The contrasting sectoral performance suggested that investors were concentrating on companies and industries showing stronger business prospects rather than participating in a broad-based rally.
Developments in international markets continued to influence domestic investor sentiment. Asian equities presented a mixed picture on Thursday, with Japan’s Topix rising 0.7% and China’s Shanghai Composite gaining 0.3%. However, Hong Kong’s Hang Seng declined 1%, while Australia’s S&P/ASX 200 slipped 0.3%.
US stock futures also traded lower, reflecting some caution among global investors.
Relatively softer crude oil prices provided support to Indian equities. As India depends heavily on imported crude oil, lower prices can help reduce the country’s import expenditure and ease inflationary pressures. They can also benefit businesses facing higher energy and transportation costs.
Foreign institutional investor activity remained another important factor for the domestic market. Overseas fund inflows have supported the recent recovery, although investors continued to monitor whether the buying trend would remain sustainable.
The September-quarter earnings season remained an important trigger for individual stocks. Several companies, including Hindustan Aeronautics, Vodafone Idea, IRCTC, NMDC, Oil India, Ola Electric, Page Industries, Manappuram Finance, Alkem Laboratories and Bharat Dynamics, were scheduled to announce their financial results.
Cupid shares gained nearly 10% to ₹389 after the company reported a 133% year-on-year increase in consolidated net profit to ₹56.2 crore for the September quarter, compared with ₹24.1 crore in the corresponding period last year.
Lemon Tree Hotels advanced more than 7% following positive analyst commentary on its quarterly performance. Mishra Dhatu Nigam also recorded gains after reporting a 113% year-on-year rise in second-quarter net profit.
Bajaj Finance attracted investor attention after launching a ₹11,700-crore qualified institutional placement (QIP), with its shares gaining around 3%.
Investors were also tracking the November MSCI index reshuffle. LIC, Coforge, Meesho and Adani Green were among the companies expected to enter the MSCI Standard Index, while PI Industries was set to be removed. The proposed changes were estimated to potentially attract around $2 billion in passive investment inflows into Indian equities.
With corporate earnings, foreign fund activity, crude oil movements and international market trends continuing to influence sentiment, investors remained cautious despite the positive opening.
The Nifty’s ability to sustain above 25,300 was an important near-term level to watch. While financial and real estate stocks provided support, continued selling in select heavyweight shares indicated that the market recovery remained uneven.